Synergy Grid increases the share capital to 5.05 billion pesos
LISTED Synergy Grid & Development Phils., Inc. has increased its share capital to 5.05 billion pesos from the previous 50 million pesos, the company announced on the local exchange on Monday.
The share capital has a nominal value of P1 each. Its board of directors had previously approved the hike on November 14, 2019 and obtained the support of shareholders holding at least two-thirds of the outstanding share capital on December 20, 2020.
On Monday, Synergy Grid shared its share capital increasing certificate with the local exchange.
In its amended articles of incorporation, the company authorized the issuance of 4.1 billion common shares of its authorized share capital to President and Chairman Henry Sy, Jr. and one of the company’s directors, Robert G Coyiuto, Jr. They were called the “Subscribers.”
“[It is] further resolved that the company be authorized to receive from subscribers the shares they respectively own in OneTaipan Holdings, Inc. or Pacific21 Holdings, Inc. which represent 67% of the total issued and outstanding share capital of each of OneTaipan and Pacifica21, in exchange for and in full consideration for the ordinary shares of the Company ”, stated the articles of incorporation of Synergy Grid.
Synergy Grid reported P 1.99million net loss for 2020, a reversal of P 1.95million income from the previous year, after suffering operating losses amid the global health emergency .
Based on an audited financial statement shared with the stock exchange, the company run by Sy said it recorded an operating loss of 1.17 million pesos last year, compared to a previous income of 3.89 million pesos. pesos in 2019. – Angelique Y. Yang